Australia’s financial regulator ASIC started acting against the people from Union Standard International Group Pty Ltd. The company used to be licensed by ASIC under the brokerage brand USGFX Retail FX.
USGFX Australia declared bankruptcy in July 2020, and the appointed administrators of BRI Ferrier are still trying to find exactly how much money is missing and how to recover as much as possible to creditors and customers.
ASIC announced that it has banned USGFX director John Martin from providing financial services for 10 years and managing corporations for 5 years. The regulator said that Mr. Martin’s lack of understanding of compliance rules was so serious that it justified such a serious decision.